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Kraft blames higher costs for profits drop
United States
Monday 24 October 2005
US food giant Kraft Foods has said that its 2005 profits will be lower than previously announced.
The company said that higher commodity, packing and energy costs will increase by $800 million in 2005, more than $200 million above previous estimations.
In order to reduce costs, Kraft has announced that 600 jobs will be cut.
